A GE news release said the increased pension payments will be effective December 1, 2007 and will represent a permanent change to the retirees’ benefit levels.
The exact amount of retirees’ new payments will be based on each pensioner’s year of retirement and length of GE pension service.
“We are pleased to provide a pension increase that recognizes the past achievements of GE retirees,” Immelt said in the announcement. “This improvement provides the largest amounts for those who have been retired the longest and generally have the greatest need.”
Pension increases will go to those who retired directly from GE on or before June 1, 2003. Also eligible for the increase are many pensioners who left GE before retirement with 25 or more years of pension qualifying service and who started their pension on or before June 1, 2003, the company said.
Surviving spouses of deceased eligible pensioners
will also receive improvements, but retired GE executives
are not eligible for this increase, the company said. GE
said this is the eighth voluntary improvement the firm
has made in payments to retirees since 1980.